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December 20, 2019updated 23 Dec 2019 1:47pm

Munich Re signs risk sharing agreement with FMO

Re/insurance major Munich Re has entered into an Unfunded Risk Participation Program with Netherlands Development Finance Company (FMO).

The move is aimed at supporting private sector insurance growth in the poorest countries across the globe.

Under the agreement, Munich Re will participate in FMO transactions up to a total amount of $500m over the next three years.

Through the agreement, FMO intends to scale up private sector mobilisation and increase funding towards financial Institutions, the energy and agribusiness sector in developing markets.

Munich Re board of management member Doris Höpke said: “The risk participation programme with FMO creates a win-win situation for both our enterprises: FMO benefits from the strong insurance capacity of Munich Re to mobilise more capital for their mission, Munich Re profits from FMO’s excellence in loan origination and credit risk management in emerging markets.

“The partnership allows us to open up new markets for our business, while supporting FMO in their mission to foster private sector growth in developing countries.”

Developments at Munich Re

In October this year, Munich Re extended its contract with Dutch firm FRISS to help insurance companies across the globe counter fraud. The contract extension follows the successful cooperation in Latin America and Iberia.

Moreover, Munich Re Automation Solutions’ digital underwriting solution ALLFINANZ was recently deployed by Swedbank’s insurance unit.

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